July 3, 2022

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The Senate approves a bill authorizing the opening of foreign currency accounts |  Policy

The Senate approves a bill authorizing the opening of foreign currency accounts | Policy

On Wednesday (8), the Senate approved a bill establishing new rules for the exchange market and the trading of foreign capital in the country. The text goes to the president’s approval.

The text allows individuals and companies to open foreign currency accounts in Brazil – something that is currently only authorized for certain companies, such as exchange bureaus and credit card issuers. It is up to the Central Bank to regulate the foreign currency accounts in the country.

Senate text rapporteur Carlos Viana (PSD-MG) explained that the proposal would make Brazilian companies that do business with other countries more competitive.

Viana stated in his opinion that “this reduces costs for companies in the Brazilian market that belong to the production chain of the export or import market, which increases the efficiency of exchange, and ultimately benefits the consumer.”

Political and financial crisis: Brazil is the second country with the highest dollar in October

According to the text, operations in the foreign exchange market can be carried out freely, without specifying the value. The bill also provides for regulations to be issued by the Central Bank.

The proposal also states that the exchange rate is “freely agreed upon” between institutions authorized to operate in the foreign exchange market and between institutions and their clients.

However, this rule does not apply to postage, in cash, with values ​​up to USD 10,000 or its equivalent in other currencies.

Critical opposition management

Minority leader Jean-Paul Prates (PT-RN) criticized the bill. He said that the rich would protect themselves from differences in reality.

“I wanted to give a specific example. For a source, even if it’s in good faith, that exports protein or soybeans whatever, what’s the point?” Oh, he wants …” – of course the answer is very simple – “Protect yourself from the crazy things of the Brazilian economy.” So, we present a receipt that we will try with all Brazilians and we will raise the level of a class of the wealthy to protect them with dollars, recognizing that they can do it and the rest People spoil it.”

Also for Senator Oriofsto Guimarães (Pode-PR), the proposal will only benefit high-income citizens.

“This opening is not for any citizen. The project is not possible. The central bank regulates the topic of opening a lottery. Anyone can try to open an account in dollars, and he can’t. They can approve the project and won’t do it anyway,” its evaluation.